Oil price soars to new record

Fresh concerns over pump prices emerged today after the cost of oil hit record highs as political concerns were ramped up around the globe.

A barrel of crude oil hit 75.78 US dollars in New York, topping the record of 75.40 US dollars reached two days ago. Meanwhile in London, Brent crude peaked at a new high of 75.09 US dollars.

The rise came amid worries supply could be hit by continuing disputes over nuclear research in Iran, which is the world’s fourth largest oil exporter.

Missile tests in North Korea and instability in Nigeria have also sparked concern as demand for petrol gathers pace ahead of the American holiday season.

In the UK, the AA Motoring Trust warned last month petrol could edge towards record highs unless the global situation changed and oil came down in price.

But such a shift may be affected by the imminent arrival of the US hurricane season, which last year wrought havoc in the oil producing southern states.

Today shares in BP, Europe’s largest oil company, finished the week up 9.5p to 647.5p, while Royal Dutch Shell advanced 0.7p at 1852p.